Zunfthaus zur Schmiden

Breakfast & Registration

Chair Welcome Remarks

Financial historian Charles P. Kindleberger was clear in his conclusions after analysing multiple centuries of financial market bubbles. Bubbles are always built upon 3 or 4 key foundations (including cheap money), are always accompanied by a strong narrative and always come to an end when that cheap money is removed. In this speech Longview will outline how and where that bubble has been building and why, in their view, the deterioration has already begun.

IN BRIEF: MANAGER PRESENTATION

FIRESIDE CHAT: Q&A DISCUSSION

• The rotation from active to passive management has reduced the ability of the market to prevent and navigate large drawdowns. Total ETFs are now at a record $5 trillion versus $0.8 trillion in 08 and are now 45% of global equity AUM.

• Are flash crashes exposing the issues in the current state of market and is high-frequency trading contributing to market fragility?